The FCA has issued a warning against the RBS Bourse binary options broker. According to the watchdog, the company is not licensed to provide financial services and advice in the UK, but has been targeting people in the UK residents. The FCA also notes that RBS Bourse does not have an affiliation with RBS Asset Management, a subsidiary of the Royal Bank of Scotland.
The binary options broker’s website is in French, and it has been added to the warning list of the French AMF. Apparently it also closely resembles the websites of a number of other brokers on the French list too.
New Zealand’s watchdog, the Financial Markets Authority (FMA), has added United Global Holdings Limited to its warning list of suspect brokers. The company trades as FX United and according to the FMA, it falsely claims it is endorsed and highly regulated by the watchdog.
The FMA notes that it does not legitimate or endorse any entity in this manner and recommends New Zealand consumers to be extra careful when dealing with any business claiming to be endorsed by the agency.
Find one that doesn’t have a dealing desk
I would add any ‘Ayondo’ to that list of bad/scam brokers they are shocking
Be wary of Trade24. Ontario’s provincial regulator, the Ontario Securities Commission (OSC),has added the Trade24 forex broker to its warning list, but apart from that multiple regulators all over the world have issued warnings againgst them - the Belize one, the New Zealand one and the British FCA have all blacklisted them.
The Italian regulator CONSOB issued a warning against the SunbirdFX broker, as well as its multiple owners, namely - Spring Empire Solutions Ltd, with head office in London, Spring Strategies Ltd, with head office in Dominica and Sunbird International Limited, with head office in the Seychelles as not authorized to provide financial services in Italy. SunbirdFX also seems to have been previously owned by the London-based Spring Empire Solutions Limited. Last October UK’s Financial Conduct Authority has warned against this company.
Kindly add XM to the list, scam broker after clients deposits, will do any thing to get your money, just found out they got FCA licensed, I wonder how the FCA got so cheap, it is very easy now for rich scammers to get FCA approval since requirements can be manipulated by smart crooks.
XM will manipualted everything possible to swindle your deposit especially once you start withdrawing profits, seems a trigger is sent once you withdraw net profit and viola! you are newest enemy within…
How can these scammers be stopped. HELP PLS, FCA?
(ok, XM is already on your list. BEWARE AND RUN AWAY FROM XM AND THE LIKES, KILLER BROKERS)
Just saw this scam post and was about to reply when i noticed the user has been banned- thumbs up for babypips for that!.
ALL what the user posted is utter rubbish and most likely the user in an employee of such scam brokers who take up positions against client and will manipulated charts, spreads, freeze platform etc just to make sure you lose your deposit( ie XM - did this me)
Best reply EVER! what do you if you become a victim of such malicious manipulations?
Do they also offer protection for non-uk citizens? Can I file a complaint if I’m outside of UK?
Yes, as long as your broker is in the UK.
The FCA issued a warning about a clone scammer - the forex broker Stratton FX is a clone of the fund management and advisory company Stratton Street.
According to the watchdog, Stratton FX is not regulated and provides a non-existent street address in London as its headquarters, while claiming it is “licensed by the global financial oversight bodies in the UK”. Since the FCA is the only organization overseeing the activities of forex brokers and they haven’t licensed this company Stratton FX is straight up lying about it and pretending to be the actually licensed company Stratton Street.
Hello guys. Anyone have opinion on 4xNetwork or 1Billion 4x?
The Australian Securities Investment Commission (ASIC) announced it has cancelled the Australian financial service (AFS) license of retail forex broker GallopFX. ASIC undertook this measure due to the broker’s systematic failure to meet its obligations under the financial services laws applicable in Australia.
Namely, GallopFX failed to lodge in a timely manner financial statements, audit reports, breach reports, notifications of change in control and the appointment of an auditor.
“The opportunity to hold an Australian financial services license requires compliance with some fundamental obligations, including reporting requirements,” commented ASIC Commissioner John Price. - “Where licensees fail to meet those obligations, ASIC will act to remove them from the financial services industry,” he added.